What’s the long-term outlook for oil in a world shifting to renewable energy? Oil majors publicly say supply-and-demand dynamics will support the market. But their investment choices suggest that they’re preparing for a much weaker oil price in the distant future.
After last year’s oil-price rebound, many investors wonder whether the recovery is over. Probably not. As global demand increasingly relies on US shale, we think oil prices could touch $80 by the end of the decade.
